| The compound interest on a certain sum of money for 2 yr at 5% is Rs. 328, then the sum is |
| [SSC (CGL) Mains 2014] |
A) Rs. 3000
B) Rs.3600
C) Rs. 3200
D) Rs.3400
Correct Answer: C
Solution :
| Suppose, amount of sum =Rs. x |
| Then, first year interest at \[5%=\frac{x\times 1\times 5}{100}=\text{Rs}\text{. }\frac{x}{20}\] |
| \[\because \]Interest is compound annually. |
| \[\therefore \]Sum of amount after one year |
| \[=x+\frac{x}{20}=\text{Rs}\text{. }\frac{21x}{20}\] |
| \[\therefore \]Second year interest at \[5%=\frac{\frac{21x}{20}\times 1\times 5}{100}=\text{Rs}\text{. }\frac{21x}{400}\] |
| \[\therefore \]Sum of amount after two years \[=\frac{x}{20}+\frac{21x}{400}\] |
| \[=\frac{20x+21x}{400}=\text{Rs}\text{. }\frac{41x}{400}\] |
| According to the question, \[\frac{41x}{400}=328\] |
| \[\Rightarrow \]\[x=\frac{328\times 400}{41}\]\[\Rightarrow \]\[x=\text{Rs}\text{. 3200}\] |
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